As part of the Fed’s year-long review of its monetary policy strategy, tools and communications practices, the St. Louis Fed is assembling members of its six advisory councils, representing a geographically and industry-diverse group of stakeholders.

According to St. Louis Fed President James Bullard, the modern incarnation of the gold standard is to say the central bank will target inflation. Bullard noted that with an inflation target, the central bank tells people what it is trying to do and is held accountable for hitting the inflation number it chooses.